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  • LG Chem pushes into Chinas chip cleaning materials market
    LG Chem pushes into China's chip cleaning materials market SEOUL, September 14 (AJP) - LG Chem has agreed to supply a Chinese specialty chemicals maker with the raw material for an ultra-high-purity solvent used to clean semiconductor wafers. The South Korean company said Monday that it will ship propylene-based isopropyl alcohol from its Yeosu plant, which produces about 165,000 tons a year. Partner Jiangyin Jianghua Microelectronics Materials is to refine it into semiconductor-grade isopropyl alcohol (IPA) for Chinese fabs. Chip fabrication draws on the solvent repeatedly, and trace impurities can erode yields. The two companies will court customers making artificial intelligence chips and high-bandwidth memory. "We will strengthen our base for supplying ultra-high-purity raw materials for semiconductors and seek new growth opportunities in the global semiconductor materials market," said Kim Sang-min, head of LG Chem's petrochemicals business. LG Chem is steering that business toward specialty products as Chinese oversupply grinds down margins on commodity plastics. Chief Financial Officer Cha Dong-seok told an earnings call on July 31 that high-value applications including semiconductor-grade IPA should account for more than 25 percent of revenue by 2030, from about 10 percent this year. AJP Takeaways - LG Chem disclosed on Sept. 14, 2026 a memorandum of understanding with China's Jiangyin Jianghua Microelectronics Materials to build a local supply chain for ultra-high-purity isopropyl alcohol, a cleaning material used throughout semiconductor manufacturing. - LG Chem produces about 165,000 tons a year of propylene-based isopropyl alcohol at its Yeosu plant and will supply it to Jianghua for further refining, targeting Chinese customers making AI chips and high-bandwidth memory. - The Ministry of Trade, Industry and Resources has asked domestic producers to cut naphtha-fed cracker capacity by 2.7 million to 3.7 million tons a year, and LG Chem submitted its restructuring plan to the government in December 2025. 2026-09-14 16:12:06
  • National Pension Service Appoints New Fund Director and Welfare Director
    National Pension Service Appoints New Fund Director and Welfare Director The National Pension Service announced on September 14 that it has appointed Lee Gyu-hong as the new Fund Director and Kim Dae-soon as the new Welfare Director, effective September 15. Their terms will last for two years, from September 15, 2026, to September 14, 2028, with the possibility of annual reappointment based on performance.The new Fund Director is appointed by the Chairman following recommendations from the Fund Director Recommendation Committee and approval of the performance contract by the Minister of Health and Welfare. This position oversees the management and operation of the National Pension Fund. The new Welfare Director is appointed by the Chairman after recommendations from the Welfare Director Recommendation Committee and is responsible for overall welfare programs, including retirement preparation and support for individuals with disabilities.Lee Gyu-hong, the new Fund Director, is an asset management expert with experience in both private asset management and public pension fund operations. Born in 1966, he graduated from Yonsei University with a degree in Business Administration and earned an MBA from New York University's Stern School of Business. He has held various positions in asset management, including Chief Investment Officer at NH-Amundi Asset Management, CEO of Ascendas Asset Management (now CapitaLand Investment Management), and Chief Investment Officer at the Teachers' Pension Fund.Kim Dae-soon, the new Welfare Director, was born in 1960 and graduated from Chosun University with a degree in Chinese Language and Literature. He joined the National Pension Service in 1999 and has held key positions, including Director of Planning and Coordination, Head of the Future Innovation Planning Team, and Head of the Information Technology Headquarters. Recently, he served as an executive in a private company.The National Pension Service expressed optimism, stating, "We expect to enhance service quality by discovering new welfare services and innovating service delivery systems through the integration of AI technology, based on their planning and execution capabilities."* This article has been translated by AI. 2026-09-14 16:04:20
  • SM join hands with Musinsa for K-pop and K-fashion collabo
    SM join hands with Musinsa for K-pop and K-fashion collabo SEOUL, September 14 (AJP) - K-pop meets K-fashion as SM Entertainment and fashion platform Musinsa team up to expand artist-related marketing and overseas business. SM co-CEO Tak Young-jun and Musinsa Chief Commerce Officer Choi Jae-young signed a memorandum of understanding Monday at SM's headquarters in Seongsu-dong, Seoul. Under the agreement, SM — home to artists including aespa, NCT, RIIZE and Hearts2Hearts — will provide artist intellectual property and work with Musinsa on online and offline marketing, content development and overseas expansion. SM said the partnership will combine its K-pop IP marketing capabilities with Musinsa's online and offline fashion channels. The two companies previously worked together on album-release collaborations for Hearts2Hearts' "Lemon Tang" in July and NCT 127's "Blingy" in August. Tak said SM plans to pursue joint branding projects with Musinsa involving album pop-ups, content, music-related products and media. He said the partnership would offer new ways for audiences in Korea and overseas to experience SM artist IP. AJP Takeaways - SM Entertainment and Musinsa signed a marketing cooperation MOU. - The partnership will use SM artist IP and Musinsa's online and offline marketing channels. - Cooperation areas include content development, media support and overseas market expansion. 2026-09-14 16:04:17
  • H&L Advanced Signs Partnership Agreement with Suppliers Amid Restructuring
    H&L Advanced Signs Partnership Agreement with Suppliers Amid Restructuring H&L Advanced, the first integrated company formed from the restructuring of the petrochemical sector, has committed to paying suppliers within 10 days after the end of the month, even if some facilities cease operations. This initiative aims to ensure transaction stability and cash flow, preventing the burden of restructuring from falling on small and medium-sized suppliers.On September 14, the Fair Trade Commission held a signing ceremony for the partnership agreement with H&L Advanced and its suppliers at the HD Hyundai Oilbank Daesan plant in South Chungcheong Province. H&L Advanced was established on September 1 through the merger of Lotte Daesan Petrochemicals, which was spun off from HD Hyundai Chemical, marking the first integrated company supported by the government in the petrochemical sector's restructuring.Previously, on August 20, the Fair Trade Commission conditionally approved the merger of Daesan No. 1, imposing corrective measures such as limiting domestic price fluctuations for low-density polyethylene (LDPE) and ethylene-vinyl acetate (EVA) for five years and ensuring supply stability.While the previous measures focused on protecting domestic demand companies purchasing products, this voluntary agreement aims to enhance transaction stability for suppliers providing products and services to the integrated company. It is being pursued separately from the merger's corrective measures.This agreement is the first partnership agreement established since the launch of the integrated company following the restructuring. It was created through voluntary discussions among the parties involved to reduce transaction uncertainties for suppliers responsible for maintenance, automated warehouse operations, and packaging supply.The agreement focuses on improving payment conditions, ensuring transaction stability, and supporting suppliers' future adaptability. Suppliers will receive payments twice a month, within 10 days after the end of the month. Payments will be made in cash or cash-equivalent forms, with early payments during holidays. This measure aims to assist small and medium-sized suppliers in securing liquidity and stabilizing management.Even if some facilities cease operations due to restructuring, existing supplier relationships will be maintained. The company will not unilaterally terminate contracts or halt transactions with long-standing suppliers and will engage in good faith discussions regarding price adjustments due to reduced transaction volumes.Support will also be provided for suppliers' environmental, social, and governance (ESG) initiatives and carbon neutrality through education and consulting. The goal is to help suppliers not only address immediate financial and workload issues but also adapt to the changing industrial environment following the restructuring.The Fair Trade Commission plans to ensure that this agreement is not a one-time event but leads to improved transaction practices and sustainable cooperation across the industry.Choo Byung-ki, chairman of the Fair Trade Commission, emphasized, "The industrial ecosystem cannot function solely on the strength of one large company. It is possible because numerous partner companies have maintained equipment, transported raw materials, and ensured safety on-site." He added, "Trust will only be established when payments are made on time and commitments to maintain transaction relationships are fulfilled, and that trust will return as the strongest competitive advantage."* This article has been translated by AI. 2026-09-14 16:04:00
  • Koreas Financial Services Agency Marks 10th Anniversary with New Goals
    Korea's Financial Services Agency Marks 10th Anniversary with New Goals The Korea Financial Services Agency (KFSA) celebrated its 10th anniversary by reflecting on its achievements and outlining a long-term vision to ensure financial rights for vulnerable populations.On September 14, the KFSA held its anniversary ceremony at the Halla Hall in Seoul's Dragon City, themed "Realizing Finance that Saves Lives."During the ceremony, the agency presented four strategic goals aimed at achieving financial rights: strengthening the financial safety net, enhancing financial resilience, innovating the financial system, and improving public trust while promoting sustainable management.Additionally, the KFSA unveiled 12 initiatives focused on improving access to policy finance for low-income households, enhancing the effectiveness of tailored counseling and comprehensive support, and innovating low-income finance through artificial intelligence (AI) and data.Kim Eun-kyung, head of the KFSA, stated, "This year marks a turning point for a new leap as we celebrate our 10th anniversary. We aim to be a reliable partner that provides tailored support to those facing financial difficulties, ensuring they achieve economic independence and are protected without any gaps."Since its establishment on September 23, 2016, the KFSA has worked to support the economic independence of financially vulnerable groups and stabilize the lives of low-income households.* This article has been translated by AI. 2026-09-14 16:04:00
  • KRXs longer hours may mean a longer grind for retail investors
    KRX's longer hours may mean a longer grind for retail investors SEOUL, September 14 (AJP) — Seoul's stock market now stretches from 9 a.m. to 8 p.m. as the Korea Exchange (KRX) moves to compete with privately run Nextrade, or NXT, giving retail investors more time to trade — and potentially more hours to watch, worry and wager on stocks. The new KRX session runs from 4 p.m. to 8 p.m. and replaces the previous after-hours system that matched orders every 10 minutes between 4 p.m. and 6 p.m. About 2,400 securities are available, roughly four times the 610 issues offered through NXT. Market professionals expect the longer session to improve access for individual investors but have only a limited effect on broader market trends. “The KOSPI and KOSDAQ will still be driven mainly by macroeconomic conditions and corporate earnings,” an analyst at Yuanta Securities told AJP. “The split between KRX and NXT matters less than whether new net buyers actually come into the after-hours market.” For some retail investors, however, the immediate concern is less about liquidity than how much more of the day the market could consume. Jang, a 31-year-old office worker in Seoul who has put nearly all his savings into SK hynix and Samsung Electronics, said keeping stocks open longer did not feel like progress. “One step closer to a 24-hour casino,” he said. Lee Jeong-bin, an office worker in his 30s in Gangwon Province, worried that longer access could encourage already aggressive investors to take even greater risks. “I’m terrified,” Lee said. “People are already borrowing money and even selling houses to invest. Longer trading hours could only make that worse and spill further into daily lives.” The concern comes as stock investing has become an increasingly consuming part of daily life for some Koreans, particularly during periods of sharp market swings and heavy retail speculation. Others welcomed the flexibility. “It is much more convenient for retail investors,” said Jeong YM, a 29-year-old office worker in Seoul. “Office workers had difficulty trading their stocks because the market closed during the day. Now they can trade after work.” Jeong said he even bought a book on investing as he plans to make greater use of the longer hours. The evening session also gives investors a chance to react the same day to corporate disclosures and overseas market developments released after the regular 3:30 p.m. close. The bigger structural question is whether KRX will generate new evening demand or simply divide existing liquidity with NXT. The two venues now operate during largely overlapping hours, allowing investors to send orders for the same stocks to either market. If overall evening trading does not expand enough, less-active shares could end up with thinner buy and sell orders on each venue. “Korea has limited demand compared with the United States,” the Yuanta analyst said. “For individual stocks, liquidity often needs to be concentrated for prices to gain momentum. If that liquidity is split between two markets, I am not sure that is necessarily a positive development.” The impact will also depend on what investors hold. Jeong mainly invests in exchange-traded funds, which are not included in the evening session, limiting the immediate effect on his own portfolio. “Anyone still watching individual stocks after work is probably already pretty active in the market, so I think they will make up most of the people using the extended hours,” he said. The Yuanta analyst also expects retail investors to dominate early evening activity rather than foreign or institutional investors. “It will probably be driven mainly by individuals,” he said. “Foreign investors are less likely to shift heavily into the new evening stock session because futures, options and other major flows already follow their own trading schedules.” KOSPI 200 futures and options already trade through a separate overnight derivatives market from 6 p.m. to 6 a.m., according to KRX. That timetable is unchanged by the new stock session. Institutional and foreign investors therefore already have ways to manage exposure after the regular cash market closes, making the extension more consequential for retail traders than for large professional investors. Evening stock trading itself is also not new. NXT was already operating until 8 p.m. before KRX entered the same time slot. “KRX is essentially joining an evening market that already exists,” the Yuanta analyst said. The test, then, is whether four extra hours bring in fresh demand or simply stretch existing retail activity across a longer day and another venue. AJP Takeaways - The Korea Exchange launched real-time stock trading from 4 p.m. to 8 p.m. on Sept. 14, expanding evening access to about 2,400 securities and replacing its previous 10-minute batch-matching system. - The longer session gives office workers more flexibility but may also extend the psychological burden of trading, particularly for retail investors already heavily exposed to stocks or leveraged investment. - Analysts question whether KRX will attract fresh money or merely split existing evening liquidity with Nextrade, which already operates until 8 p.m. 2026-09-14 16:03:59
  • Rising Construction Costs Prompt Scrutiny in Seouls Redevelopment Projects
    Rising Construction Costs Prompt Scrutiny in Seoul's Redevelopment Projects Construction costs for major redevelopment projects in Seoul are nearing 16 million won per 3.3 square meters, prompting associations to verify expenses. They aim to distinguish between increases in material and labor costs and expenses related to premium designs and specialized plans. In areas like Eunma Apartment and Mokdong 7th Complex, external experts are being engaged to review design and contract terms in preparation for negotiations with construction firms.According to Hanmi Global on September 14, the company has formed a consortium with Heerim Architects to serve as the construction management partner for the Eunma Apartment redevelopment project. They will support the pre-construction phase by reviewing design, construction costs, and contract terms, as well as identifying ways to reduce project expenses.Recently, in key redevelopment areas such as Seongsu, Yeouido, and Apgujeong, construction costs have exceeded 10 million won per 3.3 square meters. The Yeouido Gwangjang Apartment 38-1 district association has set an estimated construction cost of 15.9 million won per 3.3 square meters, excluding value-added tax.Actual construction costs are also on the rise. The Korea Construction Technology Research Institute's Construction Cost Management Center reported that the construction cost index reached 138.59 (preliminary) in July, marking a 0.18% increase from the previous month and a 5.78% increase from the same month last year. Prices for hot-rolled steel plates rose by 5.68%, while prices for construction metal products increased by 4.02%.A representative from a construction firm stated, "The primary reason for the rise in construction costs is the increase in material prices, followed by labor costs." They also noted that the implementation of the Serious Accident Punishment Act has led to increased costs related to safety and quality, as well as a shift towards premium strategies.However, it is challenging to determine whether the construction costs for individual projects are reasonable based solely on the rise in cost indices. Costs can vary even for the same area depending on building height, basement size, construction methods, and finishing materials. It is essential to separate the cost increases from the level of design and products chosen by the associations.Construction management (PM/CM) plays a crucial role in supplementing the associations' lack of expertise in this process. They review design, construction costs, schedules, quality, and safety, and assist with contracts and negotiations with construction firms. They also conduct value engineering (VE) reviews to lower costs while maintaining necessary performance levels. If additional costs arise during construction, they can assess the reasons and calculations behind them.A Hanmi Global representative remarked, "Cost verification is typically conducted by the Korea Real Estate Agency, but there are many aspects that require additional verification with expertise internally." They explained that they will also support contract reviews and administrative tasks before construction begins at Eunma Apartment.Mokdong 7th Complex has recently announced a bid for a construction management service provider to assist in selecting a construction firm. The association's chairperson stated, "We plan to proceed with the final stages of selecting a construction firm, including the bidding guidelines and proposals, as well as a preliminary contract. Defending construction costs is our primary goal."However, the introduction of PM/CM does not guarantee a reduction in construction costs. Additional service fees may arise, and the effectiveness can vary depending on the firm's scope of work and expertise. When evaluating savings, it is necessary to distinguish whether costs were lowered under the same design and quality conditions or if adjustments were made to finishing materials or facility levels.Jeon Young-jun, head of the Construction Industry Research Center at the Korea Construction Industry Institute, stated, "Construction managers can compensate for the associations' lack of expertise as clients. They can reduce not only construction costs but also the potential for project delays and ensure that design or construction plans do not proceed unfavorably for the associations through technical reviews."He added, "There are differences in expertise and capabilities among construction management firms. Smaller projects may find it difficult to invest in costs, so there is a need for various forms of policy support or non-resident consulting to supplement expertise."* This article has been translated by AI. 2026-09-14 16:00:00
  • Anyang City Council Urges Inclusion of Wirae-Gwacheon Line and Western Line Extensions in National Plan
    Anyang City Council Urges Inclusion of Wirae-Gwacheon Line and Western Line Extensions in National Plan The Anyang City Council's Urban Transportation Committee took action on September 14 to expand the city's rail transportation network. According to the council, the committee adopted a resolution on September 11 requesting the inclusion of the Wirae-Gwacheon Line and the Seoul Western Line extension projects in the national plan. The resolution is set for final approval at the second plenary session on September 18. This resolution was prepared after confirming the progress of the two rail projects with the Anyang city administration. The Wirae-Gwacheon Line extension project aims to connect the Government Gwacheon Complex to Anyang's Gwanjang-dong, Bisandong, and Parkdal-dong, reaching Gwangmyeong Station. The total extension length is 14.7 kilometers, with an estimated project cost of approximately 1.9356 trillion won. Anyang City aims to have this project included in the fifth national rail network construction plan. The extension of the Seoul Western Line is also underway. This project will connect Seoul National University Station to Pyeongchon New Town, covering a distance of 12.8 kilometers, with an estimated cost of about 1.0688 trillion won. This initiative is being pursued with the goal of inclusion in the fifth metropolitan area transportation implementation plan. Anyang City has been in discussions with relevant agencies to ensure inclusion in the national plan. After submitting a proposal for the 2024 national plan, city officials have explained the necessity of the projects to the Ministry of Land, Infrastructure and Transport, the Metropolitan Area Transportation Committee, and the Korea Transport Institute. They have also held an explanatory meeting on the Anyang rail network construction plan and conducted meetings with the chairperson of the Metropolitan Area Transportation Committee. This year, the city secured consent from neighboring municipalities and signed a memorandum of understanding with Seoul National University to establish an AI convergence innovation cluster. Earlier this month, Anyang Mayor Kim Jae-ho and National Assembly member Kang Deuk-gu met with the director of the Railway Bureau at the Ministry of Land, Infrastructure and Transport to request the inclusion of both projects in the national plan. However, there are significant challenges ahead before actual inclusion can be achieved. Anyang officials noted that the government's focus on balanced growth prioritizes local rail projects, making it difficult to accommodate all requests from various municipalities, including those in the metropolitan area, given limited resources. Gyeonggi Province is also advancing major projects such as the GTX-G and H lines and the southern Gyeonggi metropolitan railway, making it challenging to be optimistic about the inclusion of the Anyang extension projects in the national plan. The relevant national plan is expected to undergo public hearings in the second half of 2026 before being approved and announced. Meanwhile, Urban Transportation Committee Chairperson Kwak Dong-yoon stated, "This is a project that many citizens, including those in Parkdal-dong and Hoyun-dong, have been waiting for a long time." He added, "If these two lines are included in the national plan, it will improve the mobility of citizens and lay the foundation for Anyang to grow as a transportation hub in southern metropolitan area."* This article has been translated by AI. 2026-09-14 16:00:00
  • Kim Min-seok: Current Political Climate Mirrors Pre-Impeachment Era
    Kim Min-seok: Current Political Climate Mirrors Pre-Impeachment Era Choo Mi-ae, the Governor of Gyeonggi Province, has faced criticism within the Democratic Party following her recent comments suggesting that President Lee Jae-myung is relying on insurrectionist forces to govern. This comes as the president's approval ratings continue to decline, prompting the pro-Lee faction to rally in support of him.On September 14, Kim Min-seok, the party leader, appeared on the Democratic Party's official YouTube channel, MinjuTV, stating, "I think Governor Choo should explain why she made those remarks directly," adding that her comments would likely raise eyebrows among responsible politicians and governors within the party.Kim further emphasized that the ongoing internal criticism of President Lee occurs at a time when unity is crucial, likening the situation to the pre-impeachment era of former President Roh Moo-hyun, when various factions attempted to combine forces for impeachment.On the same day, lawmaker Song Young-gil expressed on BBS Radio's "Jeong Hye-seung's Morning Journal" that he hopes Choo will focus on her duties as governor, noting, "While Choo has been focused on judicial reform, I personally wish she would concentrate on her responsibilities as governor." Other party members, including Kim Ui-gyeom and spokesperson Park Seong-jun, echoed similar sentiments, suggesting that the party should allow President Lee to stabilize governance and that Choo needs to clarify her statements.Hwang Myeong-seon, a prominent member of the pro-Lee faction, expressed his outrage, stating, "I feel anger beyond despair. Protecting the president now means respecting the people's choice and supporting the success of the Lee Jae-myung administration while ensuring recovery and reform for the public's livelihood."Earlier, on September 12, Choo made her controversial remarks during a memorial service for victims of the 2026 Gyeonggi Province democratization movement held at Moran Park in Namyangju, where she stated, "We need to punish the insurrectionist forces, yet we are struggling under their influence."* This article has been translated by AI. 2026-09-14 16:00:00
  • South Korea Welcomes Uzbekistan President with State Honors
    South Korea Welcomes Uzbekistan President with State Honors In honor of Uzbekistan President Shavkat Mirziyoyev's state visit, the South Korean flag and the Uzbekistan flag will be displayed side by side on the media facade of Lotte World Tower in Songpa-gu, Seoul. A welcome message in both Korean and Uzbek will be posted on the outdoor electronic display at the Government Seoul Office. The Blue House announced on September 14 that it has organized special ceremonial events to mark President Mirziyoyev's state visit. The official welcome ceremony and state dinner will incorporate elements of Uzbek culture, reflecting the spirit of cooperation between the two countries and South Korea's hospitality. The official welcome ceremony will be a large-scale event. More than 70 members of a traditional honor guard and military band will escort President Mirziyoyev's vehicle as it enters the Blue House. A total of about 280 personnel from the three military branches will be present at the event. Approximately 30 children will greet President Mirziyoyev and his wife, including 10 children from Uzbekistan, symbolizing friendship and unity between the two nations' future generations. The state dinner, attended by over 50 dignitaries from both countries, will feature Korean cuisine that harmonizes with the preferences of President Mirziyoyev and the culinary characteristics of both nations. The dinner will begin with a cold dish of lobster and Tongyeong scallops served with pomegranate sauce. This will be followed by tarakjuk made with sweet pumpkin and jujube, halal-certified Hwangseong beef sirloin, and Australian lamb chops marinated and grilled. A nutritious rice dish made with Icheon rice, fragrant mushrooms, root vegetables, and chickpeas will be accompanied by halal chicken soup. For dessert, there will be cream brûlée made with Sangju dried persimmons and walnuts, yakgwa, and seasonal domestic fruits served with Jirisan chrysanthemum tea. The meal will also include 'markovcha,' a type of Uzbek carrot kimchi. President Yoon Suk Yeol will present President Mirziyoyev with premium health products made from rare Korean ingredients, including red ginseng, reflecting the Uzbek leader's keen interest in health and well-being. To the First Lady of Uzbekistan, Ziroat Mirziyoyeva, who has a keen interest in antique ceramics, a set of white porcelain and silver, showcasing Korean beauty, will be gifted. President Yoon and President Mirziyoyev will hold a series of small and expanded summit meetings to discuss ways to enhance cooperation between the two countries. Under the presence of both leaders, 13 agreements and memorandums of understanding (MOUs) between government ministries will also be exchanged. * This article has been translated by AI. 2026-09-14 15:56:00